Cadence Bank (NYSE:CADE) Upgraded to Overweight by Morgan Stanley

Cadence Bank (NYSE:CADE) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm presently has a $39.00 price objective on the stock, up from their previous price objective of $36.00. Morgan Stanley’s price objective suggests a potential upside of 27.70% from the stock’s previous close.

CADE has been the topic of a number of other reports. Jefferies Financial Group decreased their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. DA Davidson increased their target price on shares of Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Truist Financial decreased their target price on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Finally, Royal Bank of Canada lifted their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.88.

Cadence Bank Trading Down 4.1 %

Cadence Bank stock opened at $30.54 on Monday. The business has a 50-day simple moving average of $31.28 and a two-hundred day simple moving average of $29.46. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a market cap of $5.57 billion, a P/E ratio of 9.76 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same period in the previous year, the business posted $0.64 earnings per share. Analysts predict that Cadence Bank will post 2.55 EPS for the current year.

Hedge Funds Weigh In On Cadence Bank

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the last quarter. AlphaMark Advisors LLC raised its stake in Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after purchasing an additional 579 shares in the last quarter. Retirement Systems of Alabama raised its stake in Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after purchasing an additional 689 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Cadence Bank by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after buying an additional 938 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Company Profile

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.